3. Crypto has never had the “cover fire” of its two biggest, most Lindy, most headline assets having a free walk to ATHs. You combine that view with the view of many crypto market participants that both BTC and ETH “don’t have enough meat left on the bone”. Up 55% and up 100%?… Show more

Crypto enables the financialization of almost everything, including things you didn’t think could be financialized. This includes a meme, a song, a person’s future net worth, or a community. This amplifies the “investing as entertainment” thesis even further.

Of course there are some cynical people that are on the web3 bandwagon despite privately believing it’s all driven by a bullshit narrative designed to trick greater fools into paying hyperinflated prices for worthless jpegs. But I don’t think short-term flipping is the main cause of what’s happening right now. Genuine long-term belief in the paradi... See more

So, I mean, look, it’s cryp to , cryp to   is crazy   and   it’s very difficult   to   predict exactly what’s going   to   happen with anything. But   the   two things I said that I’d do with   the   m on ey are,   the re’s return   on   investment,

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At the same time that investing became more accessible, crypto went mainstream. About 20 million Americans—14% of the population—own crypto, with 100K “Bitcoin millionaires” out there. Many Americans (and especially many young Americans) learned to think like an investor through crypto.

The internet + crypto is starting to reveal this with the explosion of interest in meme stocks, meme coins, and NFTs.

An under-appreciated aspect of the crypto-economy's flourishing is that it's a massive redistribution of wealth from old, mainstream institutions toward independent thinkers. There are now about 100,000 Bitcoin millionaires, and there will soon be quite a few crypto billionaires. We’re going to have a new financial elite, competing with the old, an... See more

In crypto, an entire generation of alienated tech workers saw potential to have their cake (create a better, decentralized internet) and eat it too (get very wealthy).

We’re at the fun part of the market where crypto has lost trillions of dollars in value and people are scrambling to make up reasons why it’s useful.